Financial Planning on Long Island

Building and Protecting Your Wealth

Our financial planning team, Davidov Financial Coaching, works with you to grow your money and plan for retirement. Our estate planning attorneys are a separate but connected practice. They turn your financial plan into legal protection for you and your family.

Together, the two teams help you set investment goals, plan for retirement income, and build legal structures, such as trusts, that protect what you’ve built. We also look at tax strategies that can lower what you owe over time.

Call 516-253-1366 today to schedule a consultation with our financial planning team.

Financial Planning and Legal Planning Work Side by Side

Our financial planning team gets to know your goals, your income, and how much risk you’re comfortable taking. We build a plan for your investments, your retirement income, and your tax strategy.

Davidov Law Group, our firm’s estate planning practice, is a separate service that turns that plan into legal documents. Our attorneys draft the trusts and business entities that hold and protect your investments. Revocable and irrevocable trusts, combined with the right financial plan, help guard your assets against creditors, legal claims, and unnecessary tax exposure.

How Trusts Strengthen Your Financial Plan

Trusts give you flexibility in how your assets are held and distributed. Our financial planning team and estate planning attorneys work together to recommend a structure that fits your goals.

Common types of trusts:

• Irrevocable Trusts: Protect assets from creditors and can remove them from your taxable estate.
• Revocable (Living) Trusts: Offer flexibility and control during your lifetime, and can help your family avoid the cost and delay of probate.
• Charitable Trusts: Support causes you care about while lowering your tax bill.
• Special Needs Trusts: Provide for a loved one with disabilities without affecting their government benefits.

Retirement Accounts: Planning and Legal Alignment

Retirement accounts, such as IRAs and 401(k)s, often make up a large share of a Long Island household’s wealth. Our financial planning team helps you manage contributions, distributions, and investment choices inside these accounts.

Retirement accounts pass through beneficiary designations rather than a Will, so they need to line up with your broader estate plan. The SECURE Act changed how many of these distributions work. Our financial planning team and estate planning attorneys coordinate so your beneficiaries are named in a way that fits your tax picture and protects inherited funds from misuse or outside claims.

Managing Income if You Become Incapacitated

An unexpected illness or accident can affect your finances fast. Our financial planning team and estate planning attorneys put documents and strategies in place to protect your income and assets if that happens.

• Durable Powers of Attorney: Appoint a trusted agent to handle financial transactions and pay bills without going to court.
• Successor Trustee Designations: Name someone to step in and manage your trust if you no longer can.
• Healthcare Proxies: Handle medical decisions separately from finances, so your medical wishes are honored and family conflict is less likely.

Reducing Taxes as You Transfer Wealth

Our financial planning team and estate planning attorneys work together on strategies that move assets out of your taxable estate, so more of your wealth reaches the next generation.

• Annual Gifting: Use federal exclusions to shift wealth tax-free, within annual limits.
• Tuition and Medical Payments: Pay these costs directly so they don’t count against your gift tax limits.
• Family Business Succession: Use Buy-Sell Agreements and Family Limited Partnerships (FLPs) to plan for a change in control and reduce tax exposure.
• Life Insurance Trusts (ILITs): Hold life insurance outside your estate, giving your family cash on hand for taxes or debts without adding to your tax bill.

Frequently Asked Questions

Do legal documents affect my investment strategy? Yes. Trusts and business entities affect how investments are taxed and protected. Our financial planning team and estate planning attorneys structure your plan together, so your portfolio stays aligned with your long-term goals.

How do trusts help reduce family disputes? Trusts set clear, legally binding rules for how assets are distributed. When you define who manages the assets and under what conditions, there’s less room for disagreement later.

Is a Power of Attorney enough for financial protection? It’s a good start, but most complete plans include a Revocable Trust too. A POA lets someone sign on your behalf. A trust spells out, in detail, how your money should be spent for your care.

When should I start planning for long-term care? As soon as you can. New York has a five-year lookback period for certain asset transfers. Early planning is what protects your home and savings from being used up by nursing home costs.

Why Work With Our Financial Planning and Estate Planning Team?

Our financial planning team and estate planning attorneys bring over 25 years of combined experience in wealth planning and estate planning for Long Island families. A complete plan touches five areas: investment coordination, tax strategy, retirement alignment, asset protection, and estate planning.

We look at your full financial and legal picture to find ways to improve each area. Our approach centers on giving you clarity, so you can focus on your life instead of your paperwork.

Contact our team today to begin building your plan. Call 516-253-1366 to schedule an appointment.